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<ul class="summary-list"><li><keyword id="3103584" type="PERSON" weightage="60" keywordseo="CureVac">CureVac</keyword> lost more than half its value after its <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> jab showed 47% effectiveness.</li><li>Results were based on <keyword id="83911" type="ORGANIZATION" weightage="60" keywordseo="Clinical-trials">clinical trials</keyword> conducted in Latin America and Europe on about 40,000 volunteers.</li><li>The company attributed its results to 29 virus strains in the 10 countries where its trials took place. </li></ul><a href="https://markets.businessinsider.com/stocks/cvac-stock">CureVac's</a> shares tumbled by as much as 50% on Thursday after the German pharmaceutical firm said its <a href="https://www.businessinsider.com/curevac-vaccine-efficacy-late-stage-trial-covid-bill-gates-2021-4">COVID-19 vaccine candidate failed</a> in a <keyword id="122283" type="PERSON" weightage="60" keywordseo="Clinical-trial">clinical trial</keyword>.Interim analysis of data from about 40,000 volunteers showed the biotech's jab is only 47% effective, falling short of the study's criteria and the minimum <a href="https://www.nbcnews.com/health/health-news/fda-s-cutoff-covid-19-vaccine-effectiveness-50-percent-what-n1245506">50% effectiveness threshold</a> required by US regulators.Data for the late-stage clinical trials that were conducted in Latin America and Europe was released after the US close on Wednesday. The company, backed by the Bill &amp; Melinda Gates Foundation, attributed its disappointing results to the fact there are at least 29 COVID-19 strains circulating in the 10 countries where its trials took place.The Gates foundation owns about 1.7% of CureVac, or 3.1 million shares, according to Bloomberg.CureVac's US shares are listed on the Nasdaq and plunged after hours from $94.79 at Wednesday's close to $49.54 at Thursday's market open.The 47% efficacy estimate is based on 134 COVID-cases that occurred at least two weeks after the administration of the second dose, the company <a href="https://www.curevac.com/en/2021/06/16/curevac-provides-update-on-phase-2b-3-trial-of-first-generation-covid-19-vaccine-candidate-cvncov/">said in a statement</a>."While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging," CureVac CEO Franz-Werner Haas said.CureVac said last year that it was working with <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a> on a vaccine printer, which <a href="https://www.bloomberg.com/news/articles/2021-04-10/curevac-could-win-covid-shot-approval-in-may-augsburger-says">Elon Musk reportedly called</a> "an important product for the world." Musk said in a tweet about the biotech in April that it "sounds like they're a few months away from regulatory approval." This tweet was later deleted.The company will continue trials of its two-dose messenger RNA vaccine and expects to publish final analysis within the next few weeks.Read More: <a href="https://www.businessinsider.com/investing-strategy-advice-playbook-stocks-commodities-crypto-after-fed-meeting-2021-6" target="_blank" rel="noopener noreferrer">The Fed has left rates steady while signaling 2 potential hikes by the end of 2023. Here is what to do with your stocks, bonds, and digital assets, according to top Wall Street and crypto investors.</a>

German biotech CureVac's stock plunges 50% after its COVID-19 vaccine candidate failed a clinical trial

<ul><li><a href="https://markets.businessinsider.com/stocks/cvac-stock">CureVac</a>, a German biotech backed by Bill Gates, said Thursday it is in talks with the EU to supply 225 million doses of its <a href="https://www.curevac.com/en/2020/08/20/curevac-and-european-commission-in-advanced-discussions-to-supply-up-to-405-million-doses-of-potential-mrna-based-covid-19-vaccine/">potential coronavirus vaccine. </a></li><li>Shares of <keyword id="3103584" type="PERSON" weightage="60" keywordseo="CureVac">CureVac</keyword> jumped more than 18% in premarket trading on Thursday. </li><li>If an agreement is reached, it would mark the company's first bilateral supply deal, <a href="https://www.reuters.com/article/us-health-coronavirus-eu-curevac/eu-curevac-in-advanced-talks-for-225-million-covid-19-vaccine-doses-idUSKBN25G0Z2">according to Reuters</a>.</li><li><a href="https://markets.businessinsider.com/stocks/cvac-stock">Watch CureVac trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul>Shares of <a href="https://markets.businessinsider.com/news/stocks/curevac-stock-price-since-ipo-bill-gates-coronavirus-vaccine-german-2020-8-1029510118#">CureVac</a>, a German biotech firm backed by Bill Gates, surged as much as 18% in premarket trading Thursday after the company said it is in talks with the European Commission to supply doses of its potential <keyword id="8624004" type="UNKNOWN" weightage="60" keywordseo="coronavirus-vaccine">coronavirus vaccine</keyword>. The potential contract with the European Commission intends to provide European Union member states with up to 225 million doses of the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> vaccine, once it has been proven safe and effective against <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword>, the <a href="https://www.curevac.com/en/2020/08/20/curevac-and-european-commission-in-advanced-discussions-to-supply-up-to-405-million-doses-of-potential-mrna-based-covid-19-vaccine/">company said in a press release</a>.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-back-to-school-big-returns-jefferies-2020-8">Jefferies says buy these 7 back-to-school stocks poised for big returns with much of the US going remote</a>The contract would also give the European Commission the option to purchase an additional 180 million doses, bringing the total to 405 million doses of the potential vaccine. If an agreement is reached, it would mark the company's first bilateral supply deal, <a href="https://www.reuters.com/article/us-health-coronavirus-eu-curevac/eu-curevac-in-advanced-talks-for-225-million-covid-19-vaccine-doses-idUSKBN25G0Z2">according to Reuters.</a>CureVac's mRNA-based COVID-19 vaccine candidate is currently in a Phase 1 clinical trial at different sites in Germany and Belgium, aiming to determine safety and efficacy of the drug in humans, the company said. It expects to have results from the trial early in the fourth quarter of 2020, and move to the next phase soon after. CureVac has gained more than 255% since <a href="https://markets.businessinsider.com/news/stocks/curevac-stock-price-since-ipo-bill-gates-coronavirus-vaccine-german-2020-8-1029510118#">its recent public trading</a> debut <a href="https://markets.businessinsider.com/stocks/cvac-stock">through Wednesday's close.</a><a href="https://markets.businessinsider.com/stocks/cvac-stock"><div type="image" title="Screen Shot 2020 08 20 at 8.29.35 AM" height="1160" width="1554" msid="77656423" hostid="261"></div></a>

Bill Gates-backed CureVac jumps 18% on report it's in advanced talks with the EU for 225 million doses of its potential COVID-19 vaccine

<ul><li><a href="https://markets.businessinsider.com/stocks/cvac-stock">CureVac,</a> a German biotechnology company, skyrocketed in its initial public offering on Friday, raising $213.3 million and more than tripling from its IPO price. </li><li>Shares of the company have continued to surge since its Friday IPO, gaining as much as 52% to $85 per share on Monday — a 431% jump from the company's $16 IPO price. </li><li>The company is backed by billionaire Microsoft founder <keyword id="45830" type="PERSON" weightage="60" keywordseo="Bill-Gates">Bill Gates</keyword> and is working on a potential <keyword id="8624004" type="UNKNOWN" weightage="60" keywordseo="coronavirus-vaccine">coronavirus vaccine</keyword>. </li><li><a href="https://markets.businessinsider.com/stocks/cvac-stock">Watch CureVac trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/">Read more on Business Insider</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/cvac-stock">CureVac</a>, a German biotechnology company, has skyrocketed as much as 431% since its initial public offering on Friday. The company is backed by Microsoft founder and billionaire Bill Gates, and is working on a potential vaccine for <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>. On Friday, it raised $213.3 million in its IPO, <a href="https://www.marketwatch.com/story/curevac-raises-2133-million-in-ipo-after-pricing-at-16-a-share-high-end-of-proposed-range-2020-08-14?mod=article_inline">pricing at $16 per share, the high end of its expected range</a>.In its public trading debut, shares more than tripled, ending the day up 249% at $55.90 per share. On Monday, the biotech company's epic rally continued as shares surged as much as 52% to reach an all-time high of $85 per share. Read more: <a href="https://www.businessinsider.com/stocks-to-buy-3-companies-boom-from-covid-vaccine-schwab-2020-8">Charles Schwab's stock-picking chief told us why a COVID-19 vaccine would trigger a mass exit from tech stocks — and pinpoints 3 companies that would benefit instead</a><keyword id="3103584" type="PERSON" weightage="60" keywordseo="CureVac">CureVac</keyword> <a href="https://www.sec.gov/Archives/edgar/data/1809122/000110465920095636/tm2016252-23_424b4.htm">said in a regulatory filing</a> that it will use the proceeds from its IPO for research and development, expanding its manufacturing capabilities, and to fund the clinical development of its potential coronavirus vaccine through the completion of its Phase 3 trial.The company in June started its Phase 1 coronavirus vaccine trial with healthy human participants, and expects results in the fourth quarter of the year, according to the <a href="https://www.sec.gov/Archives/edgar/data/1809122/000110465920095636/tm2016252-23_424b4.htm">SEC filing.</a> In addition to the coronavirus, CureVac is working on vaccines for rabies and other infectious diseases as well as treatments for tumors, cancers, and other diseases. "Our vision is to revolutionize medicine and open new avenues for developing therapies by enabling the body to make its own drugs," the company said in the filing. <a href="https://markets.businessinsider.com/stocks/cvac-stock"><div type="image" title="Screen Shot 2020 08 17 at 2.17.41 PM" height="928" width="1558" msid="77600542" hostid="261"></div></a>

This Bill Gates-backed coronavirus vaccine developer has skyrocketed 431% in just 2 days after going public

<ul class="summary-list"><li><keyword id="3103584" type="PERSON" weightage="60" keywordseo="CureVac">CureVac</keyword>'s experimental COVID-19 <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword> failed in a pivotal clinical study, the <keyword id="45082" type="PERSON" weightage="60" keywordseo="biotech">biotech</keyword> said Wednesday.</li><li>It's the first late-stage study to flop, with CureVac's vaccine showing 47% effectiveness. </li><li>The German biotech saw its stock price drop by more than 50% in post-market trading. </li></ul>A COVID-19 vaccine candidate developed by the <a href="https://www.businessinsider.com/curevac-ceo-interview-coronavirus-vaccine-development-germany-trump-controversy-2020-3" target="_blank" rel="noopener">German biotech CureVac</a> failed in a critical late-stage study, the company said Wednesday.It's the first failure of a major vaccine candidate in a final-stage trial. CureVac said an interim analysis showed the shot was 47% effective, falling short of the study's goals and the minimum bar for what US regulators find approvable.The development is a setback to the world's immunization efforts, as European officials had previously reached deals to acquire up to 405 million doses of the shot. Despite the disappointing result, CureVac CEO Franz-Werner Haas said the company plans to go "full speed for the final readout." The trial is still ongoing and the final vaccine efficacy figure may vary as more COVID-19 cases are tallied. "We are still planning for filing for approval," Haas <a href="https://www.nytimes.com/2021/06/16/health/curevac-vaccine.html">told The New York Times' Carl Zimmer</a>.CureVac, which is backed by The Bill &amp; Melinda Gates Foundation, saw its stock price plummet following Wednesday's announcement. Shares were down more than 50% in post-market trading. The foundation owns about 3.1 million shares of CureVac, or 1.7% of the company, according to data compiled by Bloomberg.An independent biostatistics expert said it will be nearly impossible for CureVac's study to still produce success. The 47% estimate of efficacy is based on 134 COVID-19 cases among study participants. "It's not going to change dramatically," Natalie Dean, a University of Florida biostatistician, <a href="https://www.nytimes.com/2021/06/16/health/curevac-vaccine.html">told The Times</a>.<h2>CureVac blames variants, even as other vaccines hold up against different strains</h2>In a statement, CureVac leaders said that the abundance of virus variants played a role in the result. Only one of the 134 analyzed cases resulted from the original strain of the SARS-CoV-2 virus, the company said. "While we were hoping for a stronger interim outcome, we recognize that demonstrating high efficacy in this unprecedented broad diversity of variants is challenging," CureVac CEO Franz-Werner Haas said in a statement.The disappointing result is surprising given some of the similarities CureVac's experimental vaccine candidate had with other, highly effective immunizations. CureVac's shot is a messenger RNA vaccine, a new technology platform that's also used by Moderna and Pfizer-BioNTech. Those shots proved to be more than 90% effective in late-stage trials last year. They also appear to <a href="https://www.businessinsider.com/covid-19-vaccine-efficacy-variants-india-south-africa-brazil-uk-2021-5">protect people against</a> some major virus variants.Other vaccines have also shown success against variants. Novavax, for instance, announced earlier this week its two-dose shot <a href="https://www.businessinsider.com/novavax-covid-19-vaccine-us-clinical-trial-results-2021-4">was 90% effective in a late-stage study</a>. What's more, Novavax's vaccine was about 93% effective in preventing illnesses caused by variants of concern or variants of interest, the company said.<h2>A quiet existence, until the pandemic</h2>Since its founding in 2000, CureVac had a largely quiet existence until the pandemic. As one of the first companies trying to develop a COVID-19 vaccine, CureVac's CEO was invited to the White House in March 2020. Shortly after, reports <a href="https://www.businessinsider.com/curevac-coronavirus-vaccine-trump-germany-denial-2020-3">circulated</a> that the US had offered a "large sum" for access to its vaccine program. <a href="https://www.businessinsider.com/curevac-coronavirus-vaccine-trump-germany-denial-2020-3">CureVac disputed the reports</a>. The company also cycled through three CEOs in the span of a week.Tesla CEO Elon Musk has also drawn attention to CureVac with his <a href="https://www.bloomberg.com/news/articles/2021-04-09/musk-deletes-tweet-speculating-on-curevac-s-vaccine-approval">tweets</a>. A Tesla subsidiary is <a href="https://www.businessinsider.com/tesla-building-microfactories-with-coronavirus-vaccine-maker-curevac-2020-7">working with CureVac</a> in building a "prototype of an automated manufacturing unit," Insider reported in July.In its Wednesday press release, CureVac focused attention on its second-generation <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> vaccine. Pharma giant GlaxoSmithKline has partnered with CureVac on that research, paying the company roughly $235 million upfront and investing an additional $180 million in <a href="https://www.gsk.com/en-gb/media/press-releases/gsk-and-curevac-to-develop-next-generation-mrna-covid-19-vaccines/">multiple</a> <a href="https://www.gsk.com/en-gb/media/press-releases/gsk-and-curevac-announce-strategic-mrna-technology-collaboration/">deals</a> over the past year.CureVac said it hopes this next-generation program could start human testing by the end of September, with the goal of launching in 2022.Dr. Catherine Schuster-Bruce contributed reporting.

CureVac's COVID-19 shot just failed in a large trial, a major setback for the Gates-backed biotech

<ul class="summary-list"><li>US stocks were mixed Thursday as investors weighed the <keyword id="45672" type="ORGANIZATION" weightage="60" keywordseo="Fed">Fed</keyword>'s accelerated interest-rate hike guidance.</li><li>Weekly jobless claims came in at an unadjusted 412,000 last week, according to the Labor Department.</li><li><keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword> edged lower, while <keyword id="18712" type="ENTERTAINMENT" weightage="60" keywordseo="Gold">gold</keyword> and <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> also tumbled.</li></ul>US stocks traded mixed on Thursday as investors digested the <keyword id="6355253" type="UNKNOWN" weightage="60" keywordseo="federal-reserve">Federal Reserve</keyword>'s accelerated interest-rate hike guidance.Based on new projections from the Federal Open Market Committee, the central bank <a href="https://www.businessinsider.com/federal-reserve-interest-rate-projections-fomc-june-inflation-monetary-policy-2021-6">will raise its benchmark interest rate two times in 2023</a>, compared to a prediction at its March meeting of zero rate hikes for the same period.The Fed had previously placed its first forecasted rate hikes past 2023, suggesting it was willing to let <keyword id="22195" type="COMPANY" weightage="60" keywordseo="Inflation">inflation</keyword> run hot to let the US economy recover. "Our preferred explanation is that the <keyword id="136502" type="ORGANIZATION" weightage="60" keywordseo="FOMC">FOMC</keyword> takes a more firmly backward-looking interpretation of average inflation targeting than we had assumed," Goldman Sachs Economics Research said in a note. "With average inflation over the cycle already on track to exceed 2% by this year, this interpretation appears to lower the future inflation bar for liftoff."Here's where US indexes stood at the 9:30 a.m. open on Thursday: <ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 4,225.72, up 0.05%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 34,064.15, up 0.09% (30.48 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 14,040.97, down 0.01%</li></ul><a href="https://www.businessinsider.com/weekly-jobless-claims-412000-unemployment-filings-labor-market-economic-recovery-2021-6">Weekly jobless claims came in at an unadjusted 412,000 last week</a>, according to the <a href="https://www.dol.gov/ui/data.pdf">Labor Department</a>. The median estimate from economists surveyed by Bloomberg was for 370,000 claims. The reading snaps six straight weeks of declines that had pulled claims to several pandemic-era lows."While an upward move in jobless claims is not necessarily what we want to see on the economic recovery front, it's still a pretty low number for the pandemic-era and jobless claims have been marching steadily lower since early spring," Mike Loewengart, managing director of investment strategy at E-Trade Financial, said.A boost in jobless claims, however, means that the Fed could be less likely to raise rates faster than the market is anticipating, he said.Meanwhile, <a href="https://markets.businessinsider.com/stocks/cvac-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">CureVac</a> <a href="https://markets.businessinsider.com/news/stocks/curevac-stock-price-covid-19-vaccine-shot-fails-clinical-trial-2021-6-1030531320">tumbled by as much as 50%</a><a href="https://markets.businessinsider.com/stocks/cvac-stock?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener"></a> after the German pharmaceutical firm said its <a href="https://www.businessinsider.com/curevac-vaccine-efficacy-late-stage-trial-covid-bill-gates-2021-4?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">COVID-19 vaccine candidate failed</a> in a clinical trial.In cryptocurrencies, bitcoin was trading slightly lower at around $38,725. The cryptocurrency has been trading sideways following the <a href="https://markets.businessinsider.com/currencies/news/crypto-market-value-47-percent-lost-7-days-2021-5-1030447473?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">massive crash in May</a> but reclaimed <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-elon-musk-tesla-resume-crypto-payments-clean-energy-2021-6-1030518811?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">$40,000 this week</a>.Last month's massive selloff slashed bitcoin's market capitalization by almost 30% to $766 billion.The benchmark 10-year Treasury yield edged lower to 1.553% from Wednesday's 1.569%.Oil prices slipped. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">West Texas Intermediate crude</a> fell 0.47% to $71.81. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestce=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, ticked lower by 0.63%, to $73.92 per barrel.<a href="https://markets.businessinsider.com/commodities/gold-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Gold</a> dropped 1.92%, to $1,783.54. The precious metal tumbled on the Fed's accelerated rate-hike projections.

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German biotech CureVac's stock plunges 50% after its COVID-19 vaccine candidate failed a clinical trial

Shalini Nagarajan

Bill Gates-backed CureVac jumps 18% on report it's in advanced talks with the EU for 225 million doses of its potential COVID-19 vaccine

Carmen Reinicke

This Bill Gates-backed coronavirus vaccine developer has skyrocketed 431% in just 2 days after going public

Carmen Reinicke

CureVac's COVID-19 shot just failed in a large trial, a major setback for the Gates-backed biotech

Andrew Dunn

US stocks mixed as investors digest the Fed's accelerated interest-rate hike guidance

Isabelle Lee

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